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tv   Bulls Bears  FOX Business  May 29, 2016 8:00am-8:31am EDT

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wousies. push back on liberalism before it's too late. you know, i address this extensively in wake up america. you can preorder your copy. have a great >> i'm bob massi. for 34 years, i've been practicing law and living in las vegas, the center of the recent real estate crisis. lives were destroyed from coast to coast as the economy tanked. now, well, it's a different story. the american dream is back. and nowhere is that more clear than the sunshine state of florida. so we're headed from the strip to the beach to show you how to live the american dream. i'm gonna meet real people who are facing serious problems, take you behind the gates of properties you have to see to believe and give you the tips that everyone needs to navigate the new landscape, because information is power. and the property man has got you covered. [ woman vocalizing ]
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thanks for joining us. i'm bob massi. when you say orlando, many people think of disney world and theme parks, but those are technically not even in the city. actual orlando is a complex, vibrant city, and it's undergoing a major transformation. one of the biggest construction projects right now is the start of creative village. >> we came up with the concept to create an area in our city that was devoted to digital or emerging-media companies and academia. >> the goal of creative village is to capitalize on orlando's technology industry by bringing together high-tech companies, universities and, yes, creative types, so the students and the employees of those business can live, work, and learn in the same area. [ crowd cheers ] the former site of the amway arena in downtown orlando
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is now becoming a 68-acre mixed-use, transit-oriented, urban-infill neighborhood. >> urban-infill development is the redevelopment of areas that are already serviced with a higher and better use. and so over the past several years, you've seen a huge trend towards urban infill development. >> it'll be a downtown within the downtown -- small city within the downtown -- and it's located right near a sunrail stop, which is our commuter rail system. >> sunrail has had a huge impact on downtown orlando. people will now walk to their offices. >> everything is sort of self-contained where there's convenience and -- you know, it's transit and schools and workplace. do you see that as the future, not just in florida, but throughout the country? >> people want to live back in town centers. there's a movement back from the suburbs to our downtown. i know that's true here in orlando, and i believe that to be true on a national basis. >> i used to be the person who lived in the suburbs, and i commuted to my job, and i commuted to my kids' school. and i spent hours a day in my car, and i had no quality of
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life. and i didn't have time to exercise. i didn't have time to play with my kids. you've actually seen a lot of urban revitalization all around the nation as people realize that time is valuable. they want to live closer to work. they want to live closer to their kids' schools. they want to live closer to the businesses and not spend so much time in the car. >> creative village will have 1 million square feet of office-creative space, 500,000 square feet of higher-education space, 25,000 square feet of k-through-12 schools, 1,500 residential units and 150,000 square feet of retail commercial space. >> we've been working on the creative village project for about five years already. and there's probably another 15 years to go. we've started work on the infrastructure that you'll see behind me. but over the next several years, you'll start to see some of the vertical development take place. >> the vision for creative village is to make an urban neighborhood destination through a development plan that supports a mix of uses that all complement each other -- high-tech, creative studios, higher education, k-through-12 education, mixed-income residential,
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retail, commercial, and hotel. >> cities that are gonna be successful in the future are the ones that can attract talent. and the young millennials that want to live in a downtown environment want to have transit, may not have cars, want to work at night. creative village is gonna be perfect for that. >> so you can shop on the first floor, and you can live on floors 2 through 17, walk to work, and be able to walk to where you want to go out at night as well. >> almost like the old neighborhoods, you know, where people knew each other and helped each other and families together and just sort of a cooperative effort there. >> very much so. >> overall, the creative village is a very long-term project. what you see behind me right now is the infrastructure. that will be complete sometime next year. as downtown orlando's trajectory improves, of course, the land around it and the communities around it will improve as well. ♪ >> creative village will be close to orlando's historic church street station. in the '70s, the station and nearby buildings were turned into a nightclub and entertainment center. and it became wildly popular.
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and downtown orlando was the place to be. >> a guy named bob snow started, first, rosie o'grady's and then grew it into an entertainment complex with four or five different nightclubs. >> by 1985, church street station was pulling in 1.7 million visitors annually, making it the fourth-most-popular tourist attraction in florida after, of course, walt disney world, sea world, and busch gardens. the church street exchange building has a shopping mall constantly packed with tourists bussed in from disney world and universal. >> and the universal tourists would come here to party, come here to shop. >> you would have 20 buses park downtown because they didn't have as many things to do out at disney in the evening. ♪ >> but the theme parks, well, they caught on and built their own shopping and night-life destinations like downtown disney, and universal citywalk. >> when that happened, it pretty
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much killed this building, and it killed a lot of what was known of downtown. and so it's sat empty now for about 15 years. >> so downtown orlando -- well, it began to decline, and church street station along with it. the area -- it became neglected. and the church street exchange building, it sat empty for decades. not anymore. it's now become transformed into a tech cluster, filling up with entrepreneurs, internet start-ups, and software developers. >> we're seeing a revitalization, a resurgence of downtown. it really started with canvs opening up to coworking space. >> canvs is a 17,000-square-foot coworking space where companies and individuals can rent out actual desk space to work on their companies. >> then the tech community sort of needed a hub, and this building, it's got so much character that it really sort of fits that vibe that they were looking for. >> the church street exchange building has become a hub of activity for start-ups, for high-growth technology companies. inside canvs here, we have over 70 different companies of various sizes.
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>> we've seen a lot of young, like, millennials that are starting companies. they really want to be in an urban setting, and they want to be downtown. now with public transit options, it's really easy to get down here. >> 'cause they like living here, the companies want to stay here, and they're now giving back and growing the community. >> it's brought back a lot of the restaurants and bars in that area. >> and so everything's sort of coming together. >> when we come back, what orlando is doing that will not only improve a distressed neighborhood but also change the lives of some real american heroes. plus, ever taken a house tour by boat? there are some properties for which a simple walk-through just won't do it. >> we probably do two or three showings a week by boat. and you have to see the water, the trees. >> yeah. you do. >> it's part of the lifestyle here. [ woman vocalizing ] recently, a 1954 mercedes-benz grand prix race car made history when it sold for a record price of just under $30 million.
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>> welcome back. i'm bob massi, the property man. orlando is undergoing a major transformation.
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church street is not the only downtown area getting a makeover. >> we recently did a $200 million renovation to the citrus bowl. >> about 90% of orlando's citrus bowl stadium was torn down and then rebuilt into a brand-new, state-of-the art facility. the $210 million renovation is just one part of a plan to fix an area that is ripe for redevelopment. >> our bowl committee, which is called florida citrus sports, is working with the neighborhoods to improve that area. >> the physical change for the stadium was awesome. but if just didn't set well with us that somehow this would be the only transformation. so the idea really was more, what if, maybe for the first time in our country, you leveraged a 65,000-seat, nfl-grade stadium in the interest, literally, of the people who live in its shadow. >> the zip code that contains the citrus bowl has a poverty rate of 36.3%. >> the neighborhood in the
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shadow of the bowl was our lowest-income neighborhood in orange county. there was this irony. >> how can we as a community feel good about just approving $210 million to renovate a football stadium when it sits right in an area of deep economic despair? >> a group of local business people and charitable folks, with the city helping to facilitate it, was able to purchase the boarded-up buildings. >> the purpose of lift orlando is to see business leaders partnering with residents to break the cycle of poverty. >> the plan? to demolish all of the seven complexes which are presently vacant. lift orlando will then build mixed-income housing to help those in the neighborhood be able to afford a decent place to live. and nobody, as we know, deserves a more decent place to live than our military veterans. for so many veterans, returning from an overseas deployment can mean having to struggle financially and trouble getting
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or keeping up with a mortgage. affordable housing for vets can be hard to come by, but orlando and the orlando regional realtor association, they're really trying to change this. >> the city purchased seven lots. and then we have builders and our real estate commission that are funding the construction of seven residences that we're gonna make available to veterans and/or police officers. >> all of these homes, designed by the a.i.a., are designed with energy-saving features. they all have, you know, extra insulation, double-insulated windows. they're all designed from scratch to be that way. they're also designed with extra-wide door openings in case someone's in a wheelchair. and we can modify the kitchens and the bathrooms and lower the counters if necessary. >> this was the biggest goal that i had, was to get land, and i'm on it. >> this empty lot, donated by the city, will become a three-bedroom, two-bath,
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mortgage-free home for army veteran keon madison and his family. >> it's unbelievable. i'm speechless. i don't know what to say. i always wanted land. >> heroes' commons is the region's first urban housing development for military veterans who are struggling so much financially. >> i have four kids, so the biggest thing was finding a job that can pay for childcare and have additional income left over. that was pretty tough. >> it's a partnership with the florida real estate foundation, the charitable arm of the orlando regional association and the city, which tore down a blighted apartment complex and donated the land. the vets will live there mortgage-free, but still, they have to pay utilities, they have to pay insurance, and they have to pay taxes. they are not permitted, however, to sell the home for 15 years. >> it's a single-family, newly constructed residence. just...i could walk from here in about 10 minutes.
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>> it's really amazing to see communities reach out to veterans. and obviously florida's very, very good at helping veterans. >> well, i hear the term from my residents all the time -- "proud" -- how proud they are of our downtown, how proud they are of what we're doing here. and i think everybody loves our downtown. and it's a very special place. we like to think of orlando as having all the world-class amenities that a big city would have with still a small-town atmosphere. >> coming up, when the property man returns, i'll be answering some of the questions that you have e-mailed in. plus, i'll take you inside a home -- 10,000 square foot -- that is currently on the market. the only problem -- if you lived here, you'd never want to go inside. let's go look at the dock. >> bob, you know, when you live in florida, it's hard not to be a boat enthusiast. and when you live in isleworth, it is impossible. [ woman vocalizing ]
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>> every now and then, we come across a home listed for sale that really takes things to another level. it's no surprise that we found one like that in the community of isleworth. i asked mark hayes, president of isleworth and stockworth realty, to once again be my tour guide. they call this home "camelia," which means "perfect flower." what makes this home stand out? well, it's this private lake -- 125 feet of frontage on lake bessie, one of central florida's best ski lakes. this five-bedroom, six-bathroom house has more than 9,850 square feet. listing price -- $6,850,000. the outside of it is simple but yet so majestic. >> it is -- all custom stone
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work, it's very grand. it's private. there's a lot of little private courtyards throughout. >> let's go and let's take a look at some of the inside of the home. come on. this is impressive. >> what creates that warm feeling is the woodwork in between all of the stone. >> you're right on the water. >> it's right where the sun comes up, bob. >> and before we go any further, this ceiling is beautiful. >> it is. a lot of custom woodwork throughout the house. >> we're walking into the kitchen area, den area. you know, families live in these areas. >> it feels warm and very inviting. but, bob, you don't come to florida to stay inside. and what really sells this house, bob, is the outdoor-living space. i mean, when you...the minute you walk in here, you notice you have this outdoor kitchen which just invites you out here. there's 5 bedrooms, 6 1/2 baths. a very large library, exercise room. it's two stories.
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the master bedroom is amazing. >> an unbelievable master suite. it has an exercise room, private, covered porch with a serenity garden, and a spacious, walk-in closet with 20-foot vaulted ceilings. >> bob, we could go this way or we could go through the secret door. >> where's the secret door? >> right here. >> get out of town. this is the closet. >> the master closet. >> you know, it's almost cathedral-like. it's almost cathedral-like. what a beautiful, walk-in closet. >> let's take a walk in here. wow. look at that. that is beautiful. >> custom stained glass, his-and-hers bathrooms. >> so we're walking into the -- look at the view out of the master bedroom. are you kidding me? oh. look at this. >> the master bedroom. again, overlooking lake bessie. that's where the sun comes up every morning. >> a library, a private courtyard, two 2-car garages, and four guest suites.
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but the real draw is the expansive, outdoor-living space with a fireplace, cooking area, a unique craft room, and a boat dock. let's go look at the dock. >> bob, you know, when you live in florida, it's hard not to be a boat enthusiast. and when you live in isleworth, it is impossible. >> yeah. this perspective really shows how beautiful the home is and how large it is and all the amenities that goes with it. >> it's very majestic. >> lake bessie is a 183-acre lake, 62-feet deep that is spring-fed and sandy bottom. we're looking back at this magnificent house, and it really does show how majestic it is. >> this house will easily hold 400 or 500 people comfortably. >> quite an amazing view. >> it's a great way to begin and end the day, bob. >> do you show houses on the water like this? >> we probably do two or three showings a week by boat.
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and you have to see the water, the trees. >> yeah. you do. >> it's part of the lifestyle here. >> coming up next in the massi memo, i'll be answering your questions and responding to some of your viewer e-mails. [ woman vocalizing ] thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. it's reliable. just like kung pao fish. thank you, ping. reliably fast internet starts at $59.95 a month. comcast business. built for business.
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using crest toothpaste and mouthwash makes my... ...whole mouth feel awesome. and my teeth are stronger too. crest-pro health advanced... superior to colgate total... these 5 areas dentists check. this check up? so good. go pro with crest pro-health advanced. mom's right...again! >> time now for the massi memo. i'd like to take a few minutes to answer some questions that you guys have e-mailed to me. first up...toni from melrose, massachusetts, writes...
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listen, toni. the last thing you want to do is ever put your children's name on a deed. why is that? because that becomes an asset. let's say, for example, that your daughter, god forbid, causes an injury to someone. if they get sued, once you put their name on that deed, that's an attachable asset. in other words, whoever gets a judgment against your daughter could go after the asset that you and your husband want to preserve. what you want to do is meet with a lawyer that does estate planning. there are ways to set up your estate that will protect any type of taxes and also protect you from any type of liability. get a good estate planning lawyer to help you with this situation.
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linda from orlando writes... okay. this could be what's called a construction-defect case. now here's what very important to understand -- if you have a construction-defect case, it's important that you immediately hire an expert to make the findings as to exactly what was wrong with the house, and then you have to give proper notice to the developer and to the contractor to preserve your position. now there's a lot of lawyers i'm sure in your area that does construction-defect. the good thing about that is, in most states -- and i'm sure in florida -- that attorney's fees are recoverable. so, many times, you don't even have to pay for attorneys' fees up front, and all the costs of the experts are recoverable if in fact you prevail. don't wait on this because time goes against you. get yourself a good
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construction-defect lawyer and get some sound advice. sal from rockville centre, new york, writes... many times when you read your cc&rs, they're very complicated. it's good to get a competent realtor -- or more importantly, a lawyer -- to interpret those to make sure, what is the common area, but most importantly, look to see if there was any prior history of bed-bug problems in the condominium complex. if so, there could be a major disclosure issue, and you have legal rights in order to protect your position. that's it for today. be sure to send me your questions or property stories at and check out our website at
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i'm bob massi. i'll see you next week. [ woman vocalizing ] >> i'm bob massi. for 34 years, i've been practicing law and living in las vegas, the center of the recent real-estate crisis. lives were destroyed from coast to coast as the economy tanked. now, well, it's a different story. the american dream is back. and nowhere is that more clear than the sunshine state of florida. so we headed from the strip to the beach to show you how to live the american dream. i'm gonna meet real people who are facing serious problems, take you behind the gates of properties you have to see to believe, and give you the tips that everyone needs to navigate the new landscape, because information is power. and the property man has got you covered. [ woman vocalizing ]


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